14 DAY TRIAL // In light of the recent cyberattacks that disrupted the operations of several South Korean financial institutions, the country's Financial Supervisory Service (FSS) and the Financial Services Commission (FSC) are determined to instate tougher cyber security regulations for banks, insurers and other firms.
The Yonhap News Agency informs that the FSS and the FSC plan on unveiling a new set of measures, designed to strengthen the cyber security of financial institutions, by June.
Current legislation dictates that financial firms must assign 5% of their staff to the IT department, 5% of which must be delegated to handle information security.
Normally, 7% of a company’s budget should go to online security, but the regulators believe that many organizations are not complying due to the increased costs.
The watchdogs say that after the new measures are implemented, chief executives will be held accountable if their security systems are breached.